Credit rating agencies face reform in US


WASHINGTON, DC - Credit rating agencies received much blame for the subprime crisis and resulting credit crunch, despite it not being entirely of their making.

Structured products are notoriously difficult to rate but the problem was exacerbated by the rating agencies' practice of relying on external verification of the quality of the assets underlying the products, which has now been shown to be based on inaccurate information. Also, investors were not made fully aware of the limitations of such

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